4.—(1) The EMR 2011 are amended as follows.
(2) In regulation 22, in paragraph (3)—
(a)at the appropriate places insert —
““electronic money institution special administration” has the same meaning as in the Payment and Electronic Money Institution Insolvency Regulations 2021 (see regulation 4(3));”;
““investment bank special administration” has the same meaning as in the Investment Bank Special Administration Regulations 2011 (see regulation 3(1) of those Regulations).”;
(b)in the definition of “insolvency event”, omit the “or” at the end of paragraph (k) and after paragraph (l) insert—
“;
(m)the entry of the institution into payment institution special administration; or
(n)the entry of the institution into investment bank special administration.”.
(3) In regulation 24—
(a)in the heading, at the end insert “(except electronic money institution special administration)”;
(b)in paragraph (1) after “insolvency event” insert “(except electronic money institution special administration)”.
Commencement Information
I1Sch. 4 para. 4 in force at 8.7.2021, see reg. 2